Assessing Loss of Market Access: Conceptual and Operational Issues
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Summary:
Loss of market access (LMA) is a central element and an exacerbator of balance of payments and fiscal crises. This paper provides an operational definition of LMA, examines the predictive power of potential LMA leading indicators, attempts to determine the likely nature (temporary versus structural) of an LMA episode, and analyzes potential implications of such an assessment on the required degree of adjustment to restore market access. Finally, it highlights the possible application of the methodological framework for identifying emerging risks to market access.
Series:
Working Paper No. 2017/246
Subject:
Bonds Credit ratings Debt sustainability External debt Financial institutions Financial services Money Public debt Yield curve
English
Publication Date:
November 15, 2017
ISBN/ISSN:
9781484324936/1018-5941
Stock No:
WPIEA2017246
Pages:
63
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